The World is 'in a coma'

The World, a development
in Dubai consisting of an archipelago of islands in the shape of
the world's continents, is sinking into the sea and mired in contractual difficulties.

According to evidence cited before a property tribunal and
discovered by the Telegraph, "erosion and deterioration" of the
World has been found, with state-run developer Nakheel admitting that the
project is "in a coma". Graham Lovett, speaking on behalf of
Nakheel in the tribunal, said: "This is a ten-year project
which has slowed down," but maintained: "this is a project which
will be completed."

Nakheel is part of Dubai World -- the conglomerate owned
by the gulf state -- which was bailed out of $25 billion worth of
debts at the end of 2009. The tribunal was set up to hear the cases
that emerged from the separation of the companies involved. One of
those companies is Penguin Marine, who bought the rights to offer boat travel to
the islands -- of which all but one are uninhabited. (Greenland, if
you're curious.)

Although Nakheel claims that 70 percent of the islands
have been sold, investors have had trouble financing any further
work. As a result, whilePenguin Marine is paying a
million dollars a year to Nakheel, it's getting very little
business, so is trying to exit the contract.

Penguin claims that work on the islands has "effectively
stopped", with Richard Wilmot-Smith, speaking on behalf of the
company, telling judges in the tribunal that the islands' sands are
eroding and that the channels between them are silting up.
Nakheel disputes this, saying: "Our periodical
monitoring survey over the past three years didn't observe any
substantial erosion that requires sand nourishment."

The ultimate fate of the World rests both with the court
and the Gulf state's economy. If Dubai can recapture some of its glory, then perhaps
the World will live again. If not, it'll slowly sink below the
waves once more.

Edited by Nate Lanxon

Comments

Was Atlantis ever this dumb ... one does not have to have a Brain the size of a small Island to conclude that this engineering nightmare was doomed from the outset; 'cos they had more loose cash than firing neurons, then "sinking" so much into this scheme became trivial ... I guess they might choose to " float it " on the Stock Exchange and hope for a "raft" of investors willing to live in their fairy land full of sand and rising sea levels ....